hehe, no not really.. a lot of it is to do with an EF2 mod that didn't make it.
... Actually wait, what am I saying! Yes, yes I am indeed popular. At this very moment I'm actually dictating this post to one of my lackeys so that I am able to post on many boards at the same time. (Typing is such a time hog!)

So back to the question, would this mean I wouldn't be able to receive new PMs till I get underneath the limit?

I'm not sure if you're unable to receive messages right now. Related, I just noticed that it actually imported all my sent messages (including a ton of display name change approvals) in addition to my received messages. That left me with almost 700 PMs, most of which were useless. There's also an option to download existing messages in a variety of formats. Still looking for the option that actual governs how many messages you're allowed to have haha.

Edit: Alright, found the option. If you hit the limit, you can't receive any additional messages. I've upped the limit to 250 for now, but that may come back down in the future, depending on the volume of PMs in the system.

I dont know if itís just my account or what. But, the PMs I sent out, are not placed in the sent box rather just disappear. This is beginning to be problem; since I cannot refer back to a PM I sent or make sure I have sent one.